Frequently asked questions
Is a prospectus required for admitting securities to trading on the PSM?
Since the PSM is not a regulated market as defined by the various different directives under the European Commission’s Financial Services Action Plan, a prospectus is not required for the admission of securities to the PSM; however, as the PSM is a market for listed securities, ‘Listing Particulars’ are required.
The UK Listing Authority (UKLA) (a division of the Financial Conduct Authority) is responsible for approving the listing particulars which are submitted by the issuer. The Exchange oversees the admission to trading of securities to the PSM.
Which rules apply to PSM issuers?
Issuers with securities admitted to the PSM are required to comply with the:
- London Stock Exchange’s Admission and Disclosure Standards
- Relevant provisions of the Prospectus Rules (PR), the Listing Rules (LR), and the Disclosure & Transparency Rules (DTRs).
These rulebooks are not individual standalone documents and therefore must to be read together to determine their application. For instance, it might incorrectly be assumed that the DTRs do not apply as the PSM is not a regulated market as defined by European directives; however, certain DTR provisions are applied to the PSM securities via the Listing Rules – specifically LR 17 for debt securities and LR 18 for DRs.
Which security types are eligible for the PSM?
Depositary receipts and debt securities including eurobonds, convertible bonds, exchangeable bonds and medium-term notes are potentially eligible for the PSM. For more details on this, please see Listing Rule 4.1.1.
What is the process for transferring securities from the Main Market to the PSM?
Issuers wishing to transfer from Main Market to PSM are required to do the following:
1) Issue an announcement via RNS (or other Regulatory Information Service) stating the company's intention to transfer to PSM at least 10 business days before the transfer is to take place. This is to inform investors and provide them with sufficient notice.
2) Send a separate letter to each of: the Exchange’s Admissions Team and the UKLA’s Listing Applications team stating the following:
that a transfer from Main Market to the PSM is to take place
the date from which the transfer is to be effective
the details of the issuer name
the ISIN of the relevant securities
London Stock Exchange
10 Paternoster Square
UK Listing Authority
The Financial Conduct Authority
25 The North Colonnade
Issuers should note that the transfer of passported securities from the Main Market can only be made if the securities are admitted to the UKLA's Official List.
How long does it take to list debt on the PSM?
In theory debt can be listed within a week. Depending on the type of debt instrument the UKLA will provide the first set of comments within 4 days and 2 for any subsequent comments. The issuers are advised to contact both UKLA and the Exchange at the early stages of listing.
What are the relevant admission and annual fees for PSM issuers?
All fees relating to admission to trading to the PSM are detailed in our fees brochure. There is also a fees calculator designed to help you calculate the fees for depositary receipts admitted to the PSM.